Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did not develop spontaneously at the equivalent time across the world It has evolved and developed in stages over the past 5 ,000 years till it develops into the respective(a) forms in which we now know it today . It has assumed frigid unfamiliar shapes , structures , recognized in certain objects in whatsoever communities where it had been apply as a medium of exchange primarily transforming into the present universally acceptable coins , bank notes , and now the cashless lodge where credits can be accessed with mere presentation of flexible cards , or use of telephone to obtain property from a bank . Indeed the origin of gold and banking had convey by a long way , and this is exactly what this is surface to exploreAccording t , Gly Da vies (2002 Money originated very largely from non-economic causes : from tribute as nearly as from trade , from blood- notes and bride- cash as tumefy as from vocation , from ceremonial and religious rites as tumefy as from occupation from ostentatious ornamentation as headspring as from acting as the common drudge mingled with economic menThe deal system is the system that has sustained manhood before the development of specie . But this was discarded because of its complexities and inconveniences . So the use of capital developed out of deeply root needs for a more convinient medium of exchange and to few extent customs the clumsiness of barter provided an economic appetite but that was not the primary factorThe evolution of bullion had seen it taken different reputation , various forms of tools and objects . For example , various valued surfaces had been accepted and apply as money in rude communities , Also , cowrie shells obtained in some island in the Indian Ocean .

In the words of Davies (2002 ) quoted above So consequential a use did the cowrie play as money in antediluvian China that its pictograph was adopted in their indite language for money still in most communities in West Africa employ this medium of currency until the recent clock . In Nigeria , the cowrie was in use till even out the recent decadesAlso in China , disc shaped stones were used , and this is known as yap In variuos other communities in objects alike sheep , buttocks , cattle manillas , and whale teeth were formerly used as money . China and some European countries had also produced metal coins in some other forms of obj ects like spade , hoe , and knives , and they had long been accepted as currencies in their communitiesMost archeologies suggested that coins and metal money evolved at the end of the second millenium . The same time that the European coins evolved too . The ancient Greeks used contract nails as coins . Even Julius Ceasar had to taunt the primitive Britons as receding(prenominal) for using stigma blades as coinsThe invention and modernization of money makes trading and mercantilism easier . With money , all prices can be expressed in the same way , in hurt of how much money is needed to buy the...If you want to define a dear essay, order it on our website: OrderCustomPaper.com

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